Stephen Glagola: Okay. Do you mind if I ask a question no more than, I do apologize for that. Yes, for the core representation business, you said that this business has historically grown revenue and EBITDA, the double digit CAGR over the last decade. And how do you think the end of the packaging deals and fees and the new terms and the writers and actors contracts following these strikes are going to impact that growth, that core growth over the next 5 to 10 years? Thanks.
Ari Emanuel: Well, here’s what I would say to you is, we have a very big diversified business as you can see by our results show, whether it be sports, whether it be music, whether it be digital, whether it be books, whether it be lectures. So we feel very good about now the well roundedness of the whole organization. So even though there’s no packages, we also have old packages. And as you can see on Netflix, everybody’s selling their properties, their old properties like they sold dollars, they sold Suits. Suits is one of the biggest shows. Those are big fees that come back in packages on the old packages. So we really feel good about the portfolio that we’ve put together.
Stephen Glagola: Thank you.
James Marsh: Operator, next question please?
Operator: Thank you. Our final question comes from David Joyce from Seaport Research Partners. Please go ahead, David.
David Joyce: Thank you. On the Sports Data & Technology business, could you talk about some of the growth drivers from here? How much do you rely on any further regulation domestically or internationally? And kind of what’s the purview of where you could still be adding to your data rights there?
Ari Emanuel: Thanks, David. Bringing us home with SD&T, I love it. All right, so what I would say on this front what we would say is, remember we have two parts of our business, one part is OpenBet which is B2B, it is infrastructure, it is tech, it is white label for the myriad of sports betting operators who are out there And increasingly more and more these days to your point because regulation is lifting. You can see Brazil on the horizon. Finland, huge opportunity. Yesterday just had a great meeting with an operator in the Dominican Republic. So this is a very noisy area which plays to our benefit because they’re not going to go out there many of these players and spend all the capital required on infrastructure, on tech and on labor when they can just white label it in a much more efficient manner both cost and speed with OpenBet.
So we feel very bullish about that business. It’s a good quarter for us in this area and the prospects for 2024 with more and more regulation getting lifted, plays to our advantage. The area we have to be careful on is the IMG ARENA side and that is to your point, sports data rights. I think heretofore we’ve been very disciplined at this point. We don’t play in Tier 1 kind of Trojan horse money loser properties. I’m not going to single anybody out specifically or any company specifically, but often it is a rice beef fest to try to get the sports data from some of these major leagues. And frankly the margins are just too tight. There’s too much risk and we can’t make money on that. So we play in the Tier 2 properties, the Tier 3 properties and often package it with our media division at IMG where we can get all kinds of efficiencies and synergies to make these profitable and strong margins.
That’s where we’re going to continue to stay. So we are very content being the number three player in that marketplace behind Genius and Sportradar, which of course has been added longer than anybody else, and probably the leader and certainly the biggest.
David Joyce: Okay, I appreciate it.
Ari Emanuel: You got it.
Ari Emanuel: Thanks, David. I just want to thank everyone in conclusion here. Operator, you can close the call. Thank you.
Operator: This concludes today’s call. Thank you for joining everyone. You may now disconnect your lines.
